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Actionable news in CMA: COMERICA INCORPORATED,

Comerica to cut workforce, close locations

Comerica Inc. said it would cut about 9% of its workforce and shut down 40 of its locations in a move to cut costs and increase profitability, as the bank works to recover from energy-related weakness and lowered profitability across the banking sector.

The regional bank is taking $53 million in severance-related expenses and professional-service charges in the quarter related to the cost-cutting and revenue-enhancing initiative. Comerica estimates it will result in $70 million in revenue increases by the end of 2018 and $160 in cost reductions. The company will take restructuring charges of between $140 million and $160 million in total through 2018.

Comerica said the closures would represent about 8% of its total 473-bank network.

The regional bank reported a quarterly profit of $104...


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